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Zeus Capital analyst Mike Allen said that car finance is now even more important to manufacturers than what comes off their production lines.

The four European firms’ lending books have risen in value by more than 10pc a year since 2014. Although losses remain low, watchdogs are increasingly concerned about the risks.

An undercover Mail investigation earlier this year found that salesmen were offering cars worth up to £20,000 without asking for a deposit. One told a 24-year-old how to write a credit check form to ensure he was approved.

Another tried to sell a £15,000 Audi to a young, jobless man.

There are also signs that the car market could be peaking, with Bank of England economists warning it is ‘increasingly vulnerable to shocks’.